BofA-Countrywide Deal 'Big Mistake': Cramer

Bad news from Downey Financial will most likely ripple through some of the other financials, Cramer said during Friday’s Stop Trading!.

Downey reported a nine-fold rise in bad loans today, saying that one-seventh of the company’s assets were non-performing. Wachovia , a bank similar to Downey thanks to the recent acquisition of Golden West, could be in much the same trouble.